How the Cost of Living Crisis is Affecting Small Businesses

The cost of living crisis is affecting everyone. Here at Vox Pops International we have explored this hard-hitting topic on many occasions, focusing on how individuals have been hit by economic changes. In this Video Diaries Pool, we delved deeper into the subject and focused on how small businesses have been and will be affected by major cuts and price increases. 

 

The majority of the owners that we interviewed were concerned about the increase in their energy bills and how that could impact their business. With the winter months approaching, it was clear that as a collective, many were worried about how much it would cost to run their business this year. All businesses need to progress continuously and there is a huge concern, that with so much against small businesses across the UK, this will be a massive struggle.

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Energy is essential for individuals, society, and businesses. It is the first thing we consume when we wake up in the morning, when we walk into work, and with the cost of energy going up many have questioned how they are going to be able to afford it. We asked 9 small business owners about the effects of the cost of living crisis on their small businesses and how it would impact them. To do this we used Moderated Video Diaries to interview a variety of owners across the country to ask for their opinions on these matters.

When we approached our small business owners about how the energy crisis will impact them, many were worried about how much it would cost to run their businesses. From heating their warehouses, and their electricity bills and even seeing subscription services rising – many were worried about the impact it would have on their profits. Not only that, how it would affect their customers who might choose to not spend money on their services due to being more frugal. The energy crisis will not only impact these small businesses but may cause hindrances to the growth of their business in the near future. 

When asking our respondents their hopes for the future, many answered that they wanted to see their businesses grow in the next year, despite the cost of living. It was insightful to hear how each business had plans to expand in 2023 and what action they would take to ensure their growth over the next 12 months. Overall, the respondents were hopeful that the future would bring more profit for their business and were excited to see how the next year would unfold.

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